Main Points Related to Bitcoin, Web3, Ethereum, and Cryptocurrency:
- BitGo selects LayerZero as the interoperability provider for Wrapped Bitcoin token.
- Expansion of WBTC to BNB Chain and Avalanche.
- Native WBTC minting across multiple blockchains.
BitGo Selects LayerZero as Interoperability Provider for Wrapped Bitcoin Token
LayerZero recently announced that BitGo has chosen its Omnichain Fungible Token standard for the Wrapped Bitcoin (WBTC). Through this partnership, projects like Swell, Ethena, and EtherFi will benefit from the interoperability provided by LayerZero.
Expansion of WBTC to BNB Chain and Avalanche
BitGo, in collaboration with LayerZero, is extending the reach of WBTC to BNB Chain and Avalanche. These additions allow WBTC to be available on various networks, including Ethereum, Tron, and more, positioning WBTC as a significant asset within the decentralized finance space.
Native WBTC Minting
Utilizing LayerZero’s OFT Standard, BitGo enables native minting of WBTC across different blockchains, eliminating the need for token bridging from Ethereum. This approach not only enhances omnichain composability but also ensures unified supply and modular security for WBTC users. BitGo’s decentralized verifier network, in partnership with Polyhedra and LayerZero Labs, further enhances the security and verification process for omnichain WBTC transactions.
